Make Money Last During Long-Term Unemployment
The Coronavirus pandemic has hit everyone pretty hard in the U.S. as well as all over the world. In these situations, it is very easy to feel concerned about the prospect of long-term unemployment. If you are someone who believes that you can be handed the pink slip pretty soon, then don’t panic and start strategizing. In this article, we are going to discuss the 10 best ways to make your money last during long-term unemployment. Let’s get started!
Consider Checking how Long Your Emergency Funds can Last
This is one of the primary and first steps to making your money last long-term during unemployment. You have to determine how long will you be able to live on your emergency funds with no income whatsoever. Once you have figured this out, a baseline will present itself for you.
CARES Act Initiated Expanded Unemployment Benefits
The CARES aka Coronavirus Aid, Relief, and Economic Security Act significantly beefed-up unemployment insurance which workers who have been furloughed or laid off can very easily take advantage of. First, absolutely anyone who is filing for unemployment as of right now, will be qualifying for an extra $600 when it comes to unemployment compensation per week. Second, under this act, if you have already exhausted your benefits, then you can even receive an additional 4 months worth of compensation.
Consider Expediting Your IRS Refund
Because of the financial crisis brought upon by the Coronavirus pandemic; the Internal Revenue Service aka IRS has decided to extend the tax filing deadline to July 15, 2020. Therefore, if you are someone who is due for a refund and unemployed then consider filing your taxes right away.
Be Wise And Extremely Cautious With Your Stimulus Check
The stimulus checks because of the Coronavirus pandemic are on the way. So if you make under $75,000 per year and you are single, then you should receive a direct deposit or a check for $1,200. Be extremely wise and careful with this money.
Try And Apply For A Small Business Loan
If you are someone who owns a small business; then there are two SBA loans that can potentially help you make payroll along with staying current on your other expenses. Try applying for them.
Consider Pausing The Payments of Your Student Loan
If you are someone who has federal student loans then you needn’t make any payments until September 30th. No interest or fees will be accruing during this time. Also, the six non-payments will be counted as qualifying payments towards forgiveness programs such as the Public Service Loan Forgiveness.
Ask For Relief Related To Mortgage Or Rent
The CARES Act also happens to provide some extent of protections when it comes to homeowners and tenants. First, if you are someone who has a federally-backed mortgage then your lender definitely cannot foreclose on you for the sixty days following March 18, 2020. Second, if you are going through unemployment or any other type of financial hardship because of the pandemic, you can request forbearance up to 180 days.
Search for Short-Term Personal Loans
Other than government-sponsored relief efforts that can help you survive long-term employment you can start looking for additional short term personal loans with attractive terms if you require extra funding.
Apply for A 0% APR Credit Card
If you have a decent enough credit score then you can very well start applying for 0% APR credit cards. However, you must remember you should only opt for this option if you feel confident in that you can pay off your balance before the promotional period ends.
This is the best time to start a side hustle. If you have any high-demand online skills, then you can easily be able to support yourself until you land another permanent job after this pandemic ends.
This brings us to the end of our discussion on the 10 best ways to make money last during long term unemployment. Now, let us know some of your personal thoughts on the matter.